Correlation Between Minerva Surgical and Connexa Sports

Can any of the company-specific risk be diversified away by investing in both Minerva Surgical and Connexa Sports at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Minerva Surgical and Connexa Sports into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Minerva Surgical and Connexa Sports Technologies, you can compare the effects of market volatilities on Minerva Surgical and Connexa Sports and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Minerva Surgical with a short position of Connexa Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minerva Surgical and Connexa Sports.

Diversification Opportunities for Minerva Surgical and Connexa Sports

-0.21

Correlation Coefficient

Minerva Surgical  Connexa Sports

Very good diversification

The 3 months correlation between Minerva and Connexa is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Minerva Surgical and Connexa Sports Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Connexa Sports Techn and Minerva Surgical is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Minerva Surgical are associated (or correlated) with Connexa Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Connexa Sports Techn has no effect on the direction of Minerva Surgical i.e., Minerva Surgical and Connexa Sports go up and down completely randomly.

Pair Corralation between Minerva Surgical and Connexa Sports

Given the investment horizon of 90 days Minerva Surgical is expected to generate 8.21 times more return on investment than Connexa Sports. However, Minerva Surgical is 8.21 times more volatile than Connexa Sports Technologies. It trades about 0.11 of its potential returns per unit of risk. Connexa Sports Technologies is currently generating about 0.17 per unit of risk. If you would invest  0.01  in Minerva Surgical on July 9, 2025 and sell it today you would earn a total of  0.00  from holding Minerva Surgical or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.46%
Values	Daily Returns

Minerva Surgical  vs.  Connexa Sports Technologies

Minerva Surgical

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Minerva Surgical are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, Minerva Surgical unveiled solid returns over the last few months and may actually be approaching a breakup point.

Connexa Sports Techn

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Connexa Sports Technologies are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite fairly fragile basic indicators, Connexa Sports demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Minerva Surgical and Connexa Sports

The main advantage of trading using opposite Minerva Surgical and Connexa Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minerva Surgical position performs unexpectedly, Connexa Sports can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Connexa Sports will offset losses from the drop in Connexa Sports' long position.

The idea behind Minerva Surgical and Connexa Sports Technologies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.